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      <regStreet1>1125 17th Street, Ste. 2550</regStreet1>
      <regCity>Denver</regCity>
      <regStateConditional regCountry="US" regState="US-CO"/>
      <regZipOrPostalCode>80202-1805</regZipOrPostalCode>
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      <seriesName>Shelton Sustainable Equity Fund</seriesName>
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      <repPdEnd>2025-08-31</repPdEnd>
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      <totLiabs>165397.18</totLiabs>
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      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vertiv Holdings Co</name>
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        <name>Gaztransport Et Technigaz SA</name>
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        <name>Siemens Healthineers AG</name>
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        <cusip>D6T479107</cusip>
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          <other otherDesc="SEDOL Number" value="BD594Y4"/>
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        <name>Ag Growth International Inc.</name>
        <lei>549300ZCF9VG3Z4PHL09</lei>
        <title>Ag Growth International Inc. COM NPV</title>
        <cusip>001181106</cusip>
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          <other otherDesc="SEDOL Number" value="B545BK2"/>
          <isin value="CA0011811068"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <lei>549300DF5MV96DRYLQ48</lei>
        <title>Xylem, Inc. COM USD0.01</title>
        <cusip>98419M100</cusip>
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          <other otherDesc="SEDOL Number" value="B3P2CN8"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Veralto Corp.</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>Veralto Corp. COM SHS</title>
        <cusip>92338C103</cusip>
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          <ticker value="VLTO"/>
          <other otherDesc="SEDOL Number" value="BPGMZQ5"/>
          <isin value="US92338C1036"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc. COM USD1</title>
        <cusip>920253101</cusip>
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          <other otherDesc="SEDOL Number" value="2926825"/>
          <isin value="US9202531011"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Darling Ingredients, Inc</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>Darling Ingredients, Inc COM USD0.01</title>
        <cusip>237266101</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 03/20/25</title>
        <cusip>912797KJ5</cusip>
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          <other otherDesc="SEDOL Number" value="BRPT6Q8"/>
          <isin value="US912797KJ59"/>
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        <curCd>USD</curCd>
        <valUSD>1397200.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>Deere &amp; Company COM USD1</title>
        <cusip>244199105</cusip>
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          <other otherDesc="SEDOL Number" value="2261203"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG NPV(REGD)</title>
        <cusip>D69671218</cusip>
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          <ticker value="SMAWF"/>
          <other otherDesc="SEDOL Number" value="5727973"/>
          <isin value="DE0007236101"/>
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        <balance>10000</balance>
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        <curCd>USD</curCd>
        <valUSD>2294129.85</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Corteva Inc</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva Inc COM USD0.01</title>
        <cusip>22052L104</cusip>
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          <other otherDesc="SEDOL Number" value="BK73B42"/>
          <isin value="US22052L1044"/>
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        <curCd>USD</curCd>
        <valUSD>1259600</valUSD>
        <pctVal>0.9426255658</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CF Industries Holdings, Inc.</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings, Inc. COM USD0.01</title>
        <cusip>125269100</cusip>
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          <ticker value="CF"/>
          <other otherDesc="SEDOL Number" value="B0G4K50"/>
          <isin value="US1252691001"/>
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        <curCd>USD</curCd>
        <valUSD>3240800</valUSD>
        <pctVal>2.4252627292</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Solar Inc</name>
        <lei>549300NPYMLM4NHTOF27</lei>
        <title>First Solar Inc COM STK USD0.001</title>
        <cusip>336433107</cusip>
        <identifiers>
          <ticker value="FSLR"/>
          <other otherDesc="SEDOL Number" value="B1HMF22"/>
          <isin value="US3364331070"/>
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        <balance>15322</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2086549.96</valUSD>
        <pctVal>1.5614761326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Teledyne Technologies Inc</name>
        <lei>549300VSMO9KYQWDND94</lei>
        <title>Teledyne Technologies Inc COM USD0.01</title>
        <cusip>879360105</cusip>
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          <other otherDesc="SEDOL Number" value="2503477"/>
          <isin value="US8793601050"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3090120</valUSD>
        <pctVal>2.312500884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunrun Inc.</name>
        <lei>54930007SJ77CI66U531</lei>
        <title>Sunrun Inc. COM USD0.0001</title>
        <cusip>86771W105</cusip>
        <identifiers>
          <ticker value="RUN"/>
          <other otherDesc="SEDOL Number" value="BYXB1Y8"/>
          <isin value="US86771W1053"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>362500</valUSD>
        <pctVal>0.2712779991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shoals Technologies Group Inc</name>
        <lei>N/A</lei>
        <title>Shoals Technologies Group Inc CL A</title>
        <cusip>82489W107</cusip>
        <identifiers>
          <ticker value="SHLS"/>
          <other otherDesc="SEDOL Number" value="BMDJ085"/>
          <isin value="US82489W1071"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303000</valUSD>
        <pctVal>0.2267509896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Samsara Inc</name>
        <lei>N/A</lei>
        <title>Samsara Inc COM CL A</title>
        <cusip>79589L106</cusip>
        <identifiers>
          <ticker value="IOT"/>
          <other otherDesc="SEDOL Number" value="BPK3058"/>
          <isin value="US79589L1061"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>953600</valUSD>
        <pctVal>0.713629517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryerson Holding Corporation</name>
        <lei>549300JMA41B3ZHOVE45</lei>
        <title>Ryerson Holding Corporation COM USD0.01</title>
        <cusip>783754104</cusip>
        <identifiers>
          <ticker value="RYI"/>
          <other otherDesc="SEDOL Number" value="B3TPPZ6"/>
          <isin value="US7837541041"/>
        </identifiers>
        <balance>46266</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1164977.88</valUSD>
        <pctVal>0.8718148089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinterest Inc</name>
        <lei>N/A</lei>
        <title>Pinterest Inc COM USD0.00001 CL A</title>
        <cusip>72352L106</cusip>
        <identifiers>
          <ticker value="PINS"/>
          <other otherDesc="SEDOL Number" value="BJ2Z0H2"/>
          <isin value="US72352L1061"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1109400</valUSD>
        <pctVal>0.8302229301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ormat Technologies Inc.</name>
        <lei>5493000TSHHWY24VHM09</lei>
        <title>Ormat Technologies Inc. COM STK USD0.001</title>
        <cusip>686688102</cusip>
        <identifiers>
          <ticker value="ORA"/>
          <other otherDesc="SEDOL Number" value="B03L311"/>
          <isin value="US6866881021"/>
        </identifiers>
        <balance>52000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3631680</valUSD>
        <pctVal>2.7177789893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NET Power Inc</name>
        <lei>N/A</lei>
        <title>NET Power Inc COM CL A</title>
        <cusip>64107A105</cusip>
        <identifiers>
          <ticker value="NPWR"/>
          <other otherDesc="SEDOL Number" value="BRDV332"/>
          <isin value="US64107A1051"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1450000</valUSD>
        <pctVal>1.0851119962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Moderna Inc</name>
        <lei>549300EI6OKH5K5Q2G38</lei>
        <title>Moderna Inc COM USD0.0001</title>
        <cusip>60770K107</cusip>
        <identifiers>
          <ticker value="MRNA"/>
          <other otherDesc="SEDOL Number" value="BGSXTS3"/>
          <isin value="US60770K1079"/>
        </identifiers>
        <balance>8720</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>269971.2</valUSD>
        <pctVal>0.2020337847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schneider Electric SE</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>Schneider Electric SE EUR4.00</title>
        <cusip>F86921107</cusip>
        <identifiers>
          <ticker value="SBGSF"/>
          <other otherDesc="SEDOL Number" value="4834108"/>
          <isin value="FR0000121972"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2426363.82</valUSD>
        <pctVal>1.8157768885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KBR Inc</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR Inc COM USD0.001</title>
        <cusip>48242W106</cusip>
        <identifiers>
          <ticker value="KBR"/>
          <other otherDesc="SEDOL Number" value="B1HHB18"/>
          <isin value="US48242W1062"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>490300</valUSD>
        <pctVal>0.3669175253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Itron, Inc.</name>
        <lei>24F6LSZD18II6ICG6S41</lei>
        <title>Itron, Inc. COM NPV</title>
        <cusip>465741106</cusip>
        <identifiers>
          <ticker value="ITRI"/>
          <other otherDesc="SEDOL Number" value="2471949"/>
          <isin value="US4657411066"/>
        </identifiers>
        <balance>7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>762230</valUSD>
        <pctVal>0.5704171841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HA Sustainable Infrastructure Capital Inc</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital Inc COM USD0.01</title>
        <cusip>41068X100</cusip>
        <identifiers>
          <ticker value="HASI"/>
          <other otherDesc="SEDOL Number" value="B9HHD96"/>
          <isin value="US41068X1000"/>
        </identifiers>
        <balance>139500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4007835</valUSD>
        <pctVal>2.9992757499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>H&amp;E Equipment Services, Inc.</name>
        <lei>254900KVLRCDMQRYY541</lei>
        <title>H&amp;E Equipment Services, Inc. USD0.01</title>
        <cusip>404030108</cusip>
        <identifiers>
          <ticker value="HEES"/>
          <other otherDesc="SEDOL Number" value="B0WR848"/>
          <isin value="US4040301081"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3356500</valUSD>
        <pctVal>2.511847183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gibraltar Industries, Inc.</name>
        <lei>549300AE5O3GN0YBLM57</lei>
        <title>Gibraltar Industries, Inc. COM USD0.01</title>
        <cusip>374689107</cusip>
        <identifiers>
          <ticker value="ROCK"/>
          <other otherDesc="SEDOL Number" value="2369226"/>
          <isin value="US3746891072"/>
        </identifiers>
        <balance>29000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1905590</valUSD>
        <pctVal>1.4260541854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fluence Energy Inc</name>
        <lei>N/A</lei>
        <title>Fluence Energy Inc COM CL A</title>
        <cusip>34379V103</cusip>
        <identifiers>
          <ticker value="FLNC"/>
          <other otherDesc="SEDOL Number" value="BMXC0N9"/>
          <isin value="US34379V1035"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>228800</valUSD>
        <pctVal>0.1712231895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essential Utilities Inc</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities Inc COM</title>
        <cusip>29670G102</cusip>
        <identifiers>
          <ticker value="WTRG"/>
          <other otherDesc="SEDOL Number" value="BLCF3J9"/>
          <isin value="US29670G1022"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1519200</valUSD>
        <pctVal>1.1368980308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enphase Energy Inc</name>
        <lei>5493008U7KIGMI59Z314</lei>
        <title>Enphase Energy Inc COM USD0.00001</title>
        <cusip>29355A107</cusip>
        <identifiers>
          <ticker value="ENPH"/>
          <other otherDesc="SEDOL Number" value="B65SQW4"/>
          <isin value="US29355A1079"/>
        </identifiers>
        <balance>28200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1616706</valUSD>
        <pctVal>1.2098669483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EnerSys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys COM USD0.01</title>
        <cusip>29275Y102</cusip>
        <identifiers>
          <ticker value="ENS"/>
          <other otherDesc="SEDOL Number" value="B020GQ5"/>
          <isin value="US29275Y1029"/>
        </identifiers>
        <balance>10000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1014900</valUSD>
        <pctVal>0.759503562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Recovery Inc.</name>
        <lei>549300ZEQL52Z525WJ22</lei>
        <title>Energy Recovery Inc. USD0.001</title>
        <cusip>29270J100</cusip>
        <identifiers>
          <ticker value="ERII"/>
          <other otherDesc="SEDOL Number" value="B3B5J07"/>
          <isin value="US29270J1007"/>
        </identifiers>
        <balance>90000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1346400</valUSD>
        <pctVal>1.007582615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>E L F Beauty Inc</name>
        <lei>549300U2K9TCON25C029</lei>
        <title>E L F Beauty Inc COM USD0.01</title>
        <cusip>26856L103</cusip>
        <identifiers>
          <ticker value="ELF"/>
          <other otherDesc="SEDOL Number" value="BDDQ975"/>
          <isin value="US26856L1035"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1405000</valUSD>
        <pctVal>1.0514361067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DexCom Inc</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DexCom Inc COM USD0.001</title>
        <cusip>252131107</cusip>
        <identifiers>
          <ticker value="DXCM"/>
          <other otherDesc="SEDOL Number" value="B0796X4"/>
          <isin value="US2521311074"/>
        </identifiers>
        <balance>16000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1413920</valUSD>
        <pctVal>1.0581114163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clean Harbors, Inc.</name>
        <lei>5493000SJVZVZJKHJF48</lei>
        <title>Clean Harbors, Inc. COM USD0.01</title>
        <cusip>184496107</cusip>
        <identifiers>
          <ticker value="CLH"/>
          <other otherDesc="SEDOL Number" value="2202473"/>
          <isin value="US1844961078"/>
        </identifiers>
        <balance>8000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1708400</valUSD>
        <pctVal>1.2784864375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Chemours Company LLC</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>The Chemours Company LLC COM USD0.01 WI</title>
        <cusip>163851108</cusip>
        <identifiers>
          <ticker value="CC"/>
          <other otherDesc="SEDOL Number" value="BZ0CTP8"/>
          <isin value="US1638511089"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1495000</valUSD>
        <pctVal>1.1187878858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centrus Energy Corp.</name>
        <lei>549300G6VDK9G8276661</lei>
        <title>Centrus Energy Corp. CL A</title>
        <cusip>15643U104</cusip>
        <identifiers>
          <ticker value="LEU"/>
          <other otherDesc="SEDOL Number" value="BQXKDH6"/>
          <isin value="US15643U1043"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1814600</valUSD>
        <pctVal>1.3579615368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cabot Corporation</name>
        <lei>K05C0SER542GQ6VLRO68</lei>
        <title>Cabot Corporation COM USD1</title>
        <cusip>127055101</cusip>
        <identifiers>
          <ticker value="CBT"/>
          <other otherDesc="SEDOL Number" value="2162500"/>
          <isin value="US1270551013"/>
        </identifiers>
        <balance>18272</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1571392</valUSD>
        <pctVal>1.1759560758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Box Inc.</name>
        <lei>549300KQUCPD8687YS68</lei>
        <title>Box Inc. COM USD0.0001 CL 'A'</title>
        <cusip>10316T104</cusip>
        <identifiers>
          <ticker value="BOX"/>
          <other otherDesc="SEDOL Number" value="BVB3BV2"/>
          <isin value="US10316T1043"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1308000</valUSD>
        <pctVal>0.9788458559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aramark</name>
        <lei>549300MR6PG2DWZUIL39</lei>
        <title>Aramark COM USD0.01</title>
        <cusip>03852U106</cusip>
        <identifiers>
          <ticker value="ARMK"/>
          <other otherDesc="SEDOL Number" value="BH3XG17"/>
          <isin value="US03852U1060"/>
        </identifiers>
        <balance>75000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2778750</valUSD>
        <pctVal>2.079486179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Advanced Energy Industries, Inc.</name>
        <lei>549300756XI3QLFT2U27</lei>
        <title>Advanced Energy Industries, Inc. COM USD0.001</title>
        <cusip>007973100</cusip>
        <identifiers>
          <ticker value="AEIS"/>
          <other otherDesc="SEDOL Number" value="2049175"/>
          <isin value="US0079731008"/>
        </identifiers>
        <balance>24700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2844699</valUSD>
        <pctVal>2.1288393176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AECOM</name>
        <lei>0EEB8GF0W0NPCIHZX097</lei>
        <title>AECOM COM STK USD0.01</title>
        <cusip>00766T100</cusip>
        <identifiers>
          <ticker value="ACM"/>
          <other otherDesc="SEDOL Number" value="B1VZ431"/>
          <isin value="US00766T1007"/>
        </identifiers>
        <balance>18500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1850925</valUSD>
        <pctVal>1.3851454632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-22</ncom:dateSigned>
      <ncom:nameOfApplicant>SHELTON FUNDS</ncom:nameOfApplicant>
      <ncom:signature>/s/ Gregory Pusch</ncom:signature>
      <ncom:signerName>Gregory Pusch</ncom:signerName>
      <ncom:title>General Counsel and CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
